Here are some of the important economic data that will be the focus of the market throughout this week.
US Durable Goods Orders Data (Monday 9.30 PM): Data that will affect manufacturing activity in the United States will be in focus at the beginning of the week and will likely be a driver of the US dollar currency trade.
Canada's GDP data (Tuesday 9.30pm): Canada's economic growth will be measured where it will also be the focus of the central bank in evaluating their monetary policy-setting decisions. Growth in December 2022 is predicted to be slightly weaker.
US Consumer Confidence Data (Tuesday 11.00 PM): A survey of households in the US will provide an overview of the level of consumer confidence based on spending. This also gives an early signal to business, sales and other economic situations in the future.
Australian Inflation Data (Wednesday 8.30am): After Australia's central bank raised interest rates at its early February meeting, the market will once again be watching the latest inflation data readings with the expectation that the figure will drop again after surging in January's data release.
US Manufacturing PMI Data ISM Outlook (Wednesday 11.00 PM): The outlook for the US manufacturing sector is important and the release of the data will affect the movement of the US dollar currency. Reading expectations that remain below the 50.0 point level are worrying.
European Inflation Data (Thursday 6.00 PM): The initial reading of inflation in Europe will be the focus of the market with the expectation of a pattern of data reading that is decreasing. However, the inflation rate in Europe which is still high will also push the central bank to implement the tightening of their monetary policy.
US Service PMI Data ISM Survey (Friday 11.00 PM): The service sector in the US is predicted to remain good with expected readings above the 50.0 point level. The latest survey is expected to remain good but is likely to decline slightly compared to the previous month.
